Xtract Resources (LON: XTR) has received results for the first three drillholes on the Silverking copper project in Zambia, where it can earn a stake of up to 70%. There are high grade copper and silver intercepts. Follow-on drilling will define the limits of mineralisation. Other targets have been identified. The share price increased by one-quarter to 1p.
Litigation finance provider Manolete Partners (LON: MANO) generated £7.5m in cash from completed cases in the year to March 2025, which was a 51% increase. Gross cash receipts were 44% higher at £25.6m. Realised revenues, an indicator of future cash flow, was better than expected at £29.5m and Manolete Partners moved from loss to a pre-tax profit of £300,000. The focus is legal cases relating to insolvencies and the number of insolvencies is increasing. The share price is one-sixth higher at 94.5p.
Airline and tour operator Jet2 (LON: JET2) announced a £250m share buyback alongside its year end trading statement. The pre-tax profit guidance of £565m-£570m includes £10m gain on disposal of assets. Own cash was £1.1bn at the end of March 2025. Canaccord Genuity has raised its 2025-26 pre-tax profit estimate from £574.6m to £578.2m and the buyback helps to increase earnings per share from 208.5p to 223.9p. The share price improved 14% to 1539.5p.
Automotive connection systems supplier Strip Tinning (LON: STG) has received a £698,000 R&D tax credit for 2022, which was more than expected. A further £122,000 claim is outstanding for 2022. The 2023 R&D tax credit should be paid in the second half of this year. The share price rose 8.82% to 18.5p.
Gaming, medical and broadcast equipment supplier Nexteq (LON: NXQ) has made a positive start to the year and net ash has increased to $30.2m at the end of the first quarter of 2025. That is before the payment of the 3.7p/share dividend. Forecasts are unchanged with a decline in pre-tax profit to £3.6m expected in what should be a transitional year in an overall three-year plan for growth. The share price recovered 7.63% to 63.5p.
FALLERS
Oil and gas producer Prospex Energy (LON: PXEN) says that there has been a temporary halt to production at Viura in Spain due to a leak in the completion tubing at the Viura 1-B well. This will reduce income. Production should resume in mid-June. Follow-on drilling has been paused. The share price dipped 9.92% to 5.45p.
Buy-to-rent and student accommodation developer Watkin Jones (LON: WJG) reports that it was profitable in the first half and the second half should be stronger. Net cash improved by two-thirds to £73m by the end of March 2025. Short0term economic uncertainty continues to affect investor sentiment. The share price slipped 6.44% to 30.875p.
Oil and gas producer Arrow Exploration (LON: AXP) reported growth in full year sales from $50.6m to $81.6m, while EBITDA improved from $26m to $47.4m, which was lower than expected because of higher operating costs. Free cash flow was $6.8m. The share price is down 4.62% to 15.5p.
Cosmetics supplier Warpaint London (LON: W7L) continued to grow strongly despite weakness in the UK market late in the year. Pre-tax profit improved from £18.4m to £24.6m. The integration of Brand Architekts is going well with duplicate costs ending. The acquired brands can be sold through existing customers, particularly outside of the UK and sourcing can be improved. The 2025 pre-tax profit is expected to be £29m. The share price fell 3.7% to 390p.